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about being fair and honest with their stakeholders \text{Cash} & 7,000 & \text{Equipment} & 26,600 \\ Written ethics codes can be categorized as (C) to increase employee turnover [D] requiring all bankers to sign ethical codes. B. enjoy significantly higher profits. However, the company has sufficient idle tools and machinery that no new equipment would have to be purchased. C. to attract new customers and retain existing customers. create an open-door policy, protect them from retaliation It does not subtract from the bottom line; it adds to it. Write dialogue for an imaginary conversation between the speaker of When We Two Parted" and the person he addresses. Global Business Ethics. Your boss has prepared some questions for you to consider. (D) make more money for investors in the short run. Explanation Multiple select question. C. help laid-off employees get their jobs back. D. to please customers, employees, and society. As a philosophy, ethics are the principles that guide a person's behaviour. The international Day Of Pe, Chapter 3 Doing Business in a Global Markets, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Spring 2018 Final Exam Review Chapters 8,9,10. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. The total rent on the plant is$80.000 per period. [D] favor management in their investigations, A communication tool many companies use to inform diverse groups of their social responsibility efforts at little cost is. D. concern for the welfare of society. From retaining employees to ensuring brand loyalty to avoiding lawsuits and fines, a strong code of ethics is key to continued success. In ethics and social sciences, value denotes the degree of importance of some thing or action, with the aim of determining which actions are best to do or what way is best to live (normative ethics in ethics), or to describe the significance of different actions.Value systems are prospective and prescriptive beliefs; they affect the ethical behavior of a person or are the basis of their . B. maintaining proper accounting procedures. Ethical management generates trust, and trust increases productivity. This sort of behavior is not limited to the workplace; it can be present in every facet of life. social audit. A. Multiple Choice social auditing, Which of the following are examples of outside stakeholders that must be told about a company's ethics program? B. Horn blower American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. If a business fails in meeting its responsibilities to its employees, all of the following are likely to occur except: True C. Investor relations Ethics is a notoriously difficult subject because everyone has subjective judgments about what is "right" and what is "wrong.". (A) 3 out of 4 citizens do not give any time to the communities in which they live An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. Top management at Lancer Distributing is convinced that they have a social responsibility to their community. Packaging requirements B. Which of the following are true regarding ethical behavior? Scandals. Fraud Explanation D. integrity. A. based on a commitment to integrity and respect and C. corporate social responsibility Rank the following jobs according to their importance in influencing the implementation of ethical standards. There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics. [A] few losses to investors ______________- ________________ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. social policy Many companies believe they have a role in promoting ____________ ______________ , so they donate to local food banks, promote literacy, and provide computer lessons for inner city children. $A supervisor would have to be hired to oversee production of the starters. Part-time co-workers. A. reduced employee turnover. A. protecting the owners' rights and investments. D. Outsiders must be told about the ethics program. for the welfare of society as a whole, True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. Supervisor C. helps government officials develop appropriate legislation. providing safety equipment and training for their workers, increasing the diversity of their workforce [B] most of those who caused the crisis going to jail It seeks to promote honesty, fairness, and responsibility in all advertising. Love to build enthusiastic and energetic teams and be a step ahead the expectations of my clients inside and outside the organization. Whistleblowers are insiders who report illegal or unethical behavior. ", Corporate social responsibility is when businesses are concerned You're dealing with sensitive information As a business owner, you deal with sensitive information on the daily. Multiple select question. An important reason for a company to maintain its ethical reputation is Some common workplace ethics include trustworthiness, accountability, respect, transparency, and integrity. (A) matter very little to employers Basic ethical practices have been gleaned through research and practical study of how businesses function, and how they operate, both independently and with one another. Dodd-Frank Wall Street Reform and Consumer Protection Act D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. [B] it increases the likelihood of government intervention Vanessa recognizes this as a(n) ________-based code of ethics. Multiple choice question. B. ability to plan for the unexpected. An organization's managers instill corporate values and _____________________ in employees by the examples they set. \text{Supervision} & \text{1.50} & \text{\$ 60.000}\\ G. R. Laczniak, M. W. Berkowitz, R. G. Brooker, and J. P. Hale (1995) provided evidence that business leaders feel unfairly . corporate social initiative A company that has socially responsible human resources management is How to Write a Self-Assessment: 5 Tips to Improve Do Not Sell/Share My Personal Information, Limit the Use of My Sensitive Personal Information. The purpose of a code of ethics is to guide employees in handling ethical dilemmas. Top management 4. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? By being ethical, leaders can foster an environment that rewards and encourages good attitudes. Businesses that violate ethics and engage in illegal activities can be subject to costly fines and lawsuits. Multiple Choice E. Employee benefit programs. D. management is insensitive to ethical issues. C. Research practices Multiple select questions. Multiple choice question. internal search and occupy organizations. 360 degrees marketeer, business strategy addict, passionate about creative projects and most importantly project teams. Learn how to boost employee morale and create a better company Good leadership is central to the success of any business. Backend and front-end engineers, data scientists) as well as designers and UX researchers to bring products to life that make our users' problems and pain-points go away!<br><br>As a product manager I have to wear different hats every day and I excel at . is costly, but worthwhile in reaching specific customers Economic conditions in some developing countries make child labor a necessity for the survival of families. The majority of CEOs blame unethical employee conduct on: providing safety equipment and training for their workers, The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet" is an example of: A. With respect to business ethics, it can be said that "it takes two to tango." B. C. often experience customer loyalty problems. A. Internet The Dodd-Frank Wall Street Reform and Consumer Protection Act provides whistleblowers an award if their actions lead to an enforceable action or conviction. Which of the following statements reflects the difficulty companies face when requiring international suppliers to follow environmental and human rights standards set by U.S. firms? Multiple choice question. punishing unethical behavior and rewarding ethical behavior privately integrity-based ethics many Americans decide what's ethical based upon the situation in which they find themselves. it makes financial as well as moral sense to invest in companies that plan to create a better environment, Companies that try to act in a socially responsible way are likely to focus on such activities as To understand why ethical behavior is important, it might be helpful to know how unethical behavior affects a company. because strict global regulations require it, learned by observing the actions of others in the organization. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. Integrity-based ethics codes A. code of ethics. Community members are bound by the pursuit of common values and goals. <br><br>Customer care professional with experience in building customer loyalty, analyzing customer behavior, creative customer relationship . corporate policy The second major meaning behind the term is . D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? B. varies even among those who are interested in corporate responsibility. an individuals behavior is influenced by the behavior of others. The last recession changed the way many companies offer support to people and communities in need. employees and internal public relations increased their financial donations because they understood how badly society needed a helping hand. C. teamwork eliminates a need for personal ethics. C. It is the law in the U.S. D. Employees. standards. The ethics code must be enforced. Specific decisions made by your organization, whether by an individual or the entire group, can have a massive impact on how your company is viewed and the reputation it cultivates for itself. Multiple Choice Multiple select question. Businesses should create and display their code of ethics publicly. A Understanding that individual moral standards, the influence of managers and coworkers, and The many small choices we make daily about working or goofing off, using company phones and computers responsibly, and following safety rules, make it clear that __________ decisions start with each individual. Additionally, business ethics can help to build trust between the organization and its stakeholders. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better. [C] The U.S. government will use military force to enforce labor laws.. corporate responsibility (C) gains for investors in 2008 and 2009 B. disgruntled workers manipulating budgets and expenses. Multiple choice question. It emphasizes sustainability, customer loyalty, brand image, and employee retention. A set of formalized rules and standards that describe what a company expects of its employees is called a(n) Which of the following is not one of the approaches associated with corporate social responsibility? Supervisor 4. Ethical standards are different from country to country. Amber was observing an example of the ___________ followed at this organization. It's the age-old reality: "Out-of-sight, out-of-mind." Examples of ethical behaviors in the workplace includes; obeying the company's rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work. The amount of pollutants a firm unleashes into the environment would serve as an example of a negative activity that would be included in the social audit measurements. How Does 401(k) Matching Work for Employers? whistleblowers. D. buying the company's products. C. structure and strategy. For example, international bank HSBC was subject to a decade-long enforcement action costing it $1.92 billion after the federal government determined the institution violated money-laundering laws and sanctions rules. My 4 fundamental professional beliefs:<br> I believe change management must be inclusive if you want it to work. [C] Paying U.S. minimum wage Synonym Discussion of Ethical. Corporate social responsibility (CSR) is based on the belief that businesses should be concerned with the welfare of __________________and not only of their owners. Chapter 4. We covered: How data teams can actually design ethical ML models, after . Typically, it is the kind of information where parties in the know can benefit. The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called: How are U.S. companies likely to pressure foreign companies to change their standards of ethics and social responsibility? Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. Which of the following are reasons a business should be managed ethically? demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues. Whistleblowers are often concerned about retaliation. List the most influential on top. D. management is insensitive to ethical issues. 360-review. The rent charge above is based on space utilized in the plant. E. law. D. help investors recoup their losses. whistleblowers. Sherman Act (C) occur in many countries Often, business ethics involve a system of practices and procedures that help build trust with the. In running a successful business, a key factor in that success will be the ethical and moral standards of yourself, your leaders, and your entire team. D. Structural commitment, Corporate ________ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution. To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. Top management is essentially conducting a(n) of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition Trustworthiness. The _____________ _________________is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs. Source interviews were conducted for a previous version of this article. Internal auditors The first day on the job waiting tables at a popular restaurant, Amber noticed that when one member of the waitstaff was serving a very large party, the other waiters would help carry food to the tables and even check to make sure water glasses were filled. Corporate social initiative refers to a company taking the initiative to utilize its expertise and resources to make a situation better. A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. Stresses shared accountability A business should be managed ethically for many. Though there are many ethical opinions that most people share, ethics will differ from person to person. Ethical business norms must be adhered to not only by company managers but by all employees of companies without exception. In a business setting, ethical behavior applies to any employee, team lead or supervisor. Emphasizes strong penalties for wrongdoers Multiple choice question. Unethical behavior by financial and real estate businesses has led to <br> I . Socially conscious research organizations collect information on the social responsibility efforts of companies. Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. tax officials. 1. This, then, creates greater stability within the company.. school districts [C] conducting objective investigations However, anyone caught violating a law will be immediately fired." only to compete and make a profit What kind of person do you think Paulsen is? True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. Explanation Multiple choice question. [C] making businesspeople more accountable for their actions Determine Author's Purpose Why do you think Las Cases wrote this detailed account about the treatment of Native Americans by the Spanish? Internal Audit Company Protection Act A business should be managed ethically because, businesses with good reputations attract customers. A. profits. I'm a Product Manager with experience working cross-functionally with business roles (e.g. CSR can lead to even more profits. C. energy consumption Part-time co-worker 3. Economics (/ k n m k s, i k -/) is the social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. C. Education and training Multiple choice question. Article. Ethical behavior does not matter to investors. What occurs when an employee exposes an employer's wrongdoing to outsiders? If youre concerned your company culture isnt rooted in ethical behavior, consider taking corrective action to reduce and prevent further unethical activities by employees. 1. Therefore, it is the most significant resource to run or upgrade any business. increasing control C. teamwork eliminates a need for personal ethics. She has asked you to give her information about what determines the level of various interest rates. that they can improve their own financial health by investing in companies whose goods and services benefit the community This is called a bounty provision because as stated, they may receive a monetary award for their actions. reducing most costs global policy CSR can lead to even more profits. True false question. A business starts with the correct usage and allocation of finances and cost management. D. the nation's business schools that tolerate unethical behaviour in students. B. E. all of the answers are correct. Which of the following is NOT a part of an integrity-based ethics code? Maximizing ethical conflict in work groups C. Expanding opportunity by providing punishments for violations of the rules D. Overlooking violations of codes of ethics ___________ _____________ ethics codes define an organization's guiding values, create an environment that supports ethically sound behavior, and stresses shared accountability. And could be pivotal for career growth. In the long run, they believe corporate social initiative Insider trading refers to the discussion or leak of private, proprietary information about a firm that is not yet made public. requiring suppliers to be evaluated monthly concerning corporate inclusion policy social audit. Business ethics helps to optimize company resources. Deceptive advertising of medicines and toys U.S. companies that operate abroad, particularly those who contract with foreign companies, are now ________ human rights and environmental standards followed by U.S. law. [D] Political risk taking. corporate social initiative ethical officers This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. Suppliers Multiple choice question. Displaying good ethical behavior can boost company morale and client relations. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Serves as full-time, tenure tracked Business Instructor for the college's Bachelor of Applied Science in Organizational Management (BAS-OM) program, teaching classroom, hybrid, and online courses. \text{ } & \text{Per Unit} & \text{Total}\\ Multiple select question. _____________________ _____________________ _____________________is a business's concern for the welfare of society. A business should be managed ethically for many reasons: to maintain a good reputation; to keep existing customers and attract new ones; to avoid lawsuits; to reduce employee turnover; to avoid government intervention; and to please customers, employees, and society. Companies who are percieved as being socially responsible will ultimately earn more profits for their investors. Laws, Ethics Laws - are passed by legislators to protect us from fraud, theft, and violence. allows them to connect directly with customers benevolence can lead to a vote of no confidence by company stakeholders. that only society's health is improved when they invest in companies whose goods and services benefit the community InsuranceExpenseServiceRevenueUtilitiesExpenseRentExpenseCommonStockCashRetainedEarnings,Jan.1,2016$2,00080,00050011,0008,5007,0004,800SalariesExpenseAccountsPayableOfficeSuppliesDividendsAccountsReceivableEquipment$37,0004,3001,5004,5007,50026,600. likely to perform better financially C. An ethics office must be set up. whistleblowers Multiple choice question. An important reason for a company to maintain its ethical reputation is In fact they contribute to it: 1. corporate raider divisions. (A) have fewer loyal customers but attract more of them Religious institutions, Which set of ethics codes defines an organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability? building parks E. filing complaints with the company. D. shift the production of goods to foreign facilities and layoff Canadian workers. Multiple Choice Trust and cooperation between workers and managers must be based on which of the following? insider trading. C. the increase in lawsuits used to avoid personal responsibility. going to save money by not hiring those who are disabled Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023. True or false: Many investors believe that by choosing to put their money into companies whose goods and services benefit society, they can improve society's financial health as well as their own. fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. [D] severe financial crises. Sarbanes-Oxley Ruling An important factor in enforcing ethics codes is selecting a(n) ________ ________. This indicates that: A. dancing around issues should be part of a firm's code of ethics. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. (D) 3 out of 4 citizens volunteer, but cheat on their taxes, Using information from the internet or other sources without giving credit to the author is, The strong relationship between academic dishonesty and dishonesty at work is likely to reducing regulations about labeling A. you need to justify socially responsible behaviour from an investors standpoint only. Should an instance occur, the result could be devastating to your company's finances and reputation. Bake ethics into your company by establishing a code of ethics and reinforcing its principles with your team regularly. ignoring both ethical and unethical behavior E. Consumer safety information, Which of the following is NOT one of the "Financial Resource Management" responsibilities? Strategic partnering It does not subtract from the bottom line; it adds to it. B. an individual's behavior is influenced by the behavior of others. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. human resource support staff allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: opportunity influence ethical behavior Compliance-based ethics codes \text{Retained Earnings, Jan. 1, 2016} & 4,800 & & \\ Explanation for the welfare of society as a whole, about being fair and honest with their stakeholders retain better employees Other countries also follow capitalist principles. True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. not concerned with the ethical or socially responsible behavior of their international suppliers. (C) make students who know how to plagiarize well acceptable to employers leaving unethical behavior unpunished technical policy [C] can be trusted to maintain confidentiality C. practice deception regarding product safety issues. higher ethical standards than in the past. separating themselves from suppliers who violate (B) make employers reluctant to hire those who have cheated In one such study, led by Kaifeng Jiang, a professor at the Ohio State University Fisher College of Business, researchers examined the intersection between the quality of service a business offers and its adherence to ethical mores by looking into conditions at nearly 200 movie theaters. social initiatives Supervisor 2. Governments A number of ethical scandals in the past decade have raised awareness of ethical issues in business. actual ethics. standards. TRUE There are many reasons why a business should be managed ethically : ( 1 ) to maintain a good reputation , ( 2 ) to keep existing customers , ( 3 ) to attract new customers , ( 4 ) to avoid lawsuits , ( 5 ) to reduce turnover , ( 6 ) to avoid government intervention , ( 7 ) to please customers , employees , and society , and ( 8 ) because it is the right thing to do . B. philanthropy. A code of ethics builds trust and credibility in an organization and creates a culture of open and honest communication. Multiple select question. a clear set of rules and regulations D. operating ethically, honestly and lawfully E. being environmentally responsible, Chapter 2 - Business Ethics and Social Respon, lesson1. False. Multiple Choice Multiple Choice moral impropriety. Multiple select question. If the statement "ethics is caught more than it is taught" is true, then management facilitates this by: What motivated the unethical behavior of real estate agents, lenders, and borrowers that led to the financial crisis of 2008? help store confidence in corporate america and canada, Which of the following have been cited as incidents of unethical business activity recently?